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In Panama, Donald Trump's Ocean Club is taking shape
No downsizing here: The Trump Ocean Club in Panama City's Punta Pacifica area is taking shape. Recent pictures posted over at the Panama Investor Blog show the project well underway. You can't see the sail-like structure yet but the project is out of the ground.
The celebrity factor
Easily the highest profile project in Panama City and, at an estimated investment of over $400 million, one of the largest residential real estate properties in Latin America. Dubbed as a place where you can "Live, work and play all under one roof"; the project includes a hotel, casino and apartments over 70 floors. Investors are in good company - it's been reported that Angelina Jolie and Brad Pitt have snapped up a penthouse apartment. You'll be hearing more about Panama City as 007 jets in. The historic old quarter - Casco Viejo - is featured in the new Bond movie - the Quantum of Solace.
Panama at the high end
In our 2008 database of Panama's high-end real estate, the Ocean Club tops our list of the top 10 most expensive condo projects in the country with a median price per/sqft for remaining apartments at $450. The project is followed by a sweep of condo towers on prestigious Balboa Avenue next door.
Sailing through the storms
Some analysts talk about oversupply and others warn about project delays and closures in the face of the darkening global economic mood. But, gazing at the gleaming towers of glass and steel, watching the luxury Ocean Club take form, and reading the GDP growth figures, it feels like Panama is well positioned to sail through the financial storm.
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Article written by revealrealestate, October 2008
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